LEXINGTON, Mass.—AMAG Pharmaceuticals’ board of directors has unanimously opposed MSMB Capital's $381 million takeover offer for the Feraheme manufacturer.
According to an Aug. 8 news release, after consultation with its legal and financial advisors, AMAG’s board unanimously determined that the proposal by MSMB Capital is not reasonably expected to result in a superior offer to the merger with drugmaker Allos Therapeutics Inc.
AMAG said last month it will buy Allos for approximately $268 million in stock. The deal is expected to close in the fourth quarter.
On Aug. 3, MSMB made an unsolicited buyout offer worth $381 million. AMAG said MSMB proposed to buy all of its outstanding stock for $18 per share in cash.
